Masan Group (MSN) profit more than triples in 1st half
Masan Group (MSN) profit more than triples in 1st half
Masan Group Corporation (HoSE: MSN) reported net profit after tax and minority interest of more than VND3 trillion (US$130 million) in the first half, an increase of 566 per cent year-on-year.
Net revenues declined by 3.1 per cent to VND17.5 trillion
Its H1 earnings report released yesterday (July 25) attributed half of the profits to a net one-time gain from a “deemed disposal” related to its shareholding in Techcombank.
Excluding this, the net profit after tax and minority interests increased by 3.4 times to nearly VND1.56 trillion ($67.8 million).
Masan reported consolidated EBITDA of VND5.1 trillion, up 38.4 per cent, driven by operational efficiencies and Techcombank’s strong performance.
Its net revenues in the second quarter fell by 3.1 per cent year-on-year to VND9.2 trillion, with the fall being attributed to the pig price crisis, which ended last April but affected the performance of its subsidiary Masan Nutri-Science (MNS), a major producer of pig feed.
Excluding MNS, the revenue figure grew by 16.9 per cent quarter-on quarter and 33.6 per cent in the first half.
Masan Consumer Holdings (MCH), the main contributor to the group’s sales and earnings, posted a 36.9 per cent revenue growth in H1 to VND7.5 trillion and 174.3 per cent EBITDA growth.
Net profit after tax and minority interests for Masan Consumer, MCH’s listed subsidiary, grew 145.1 per cent to VND1.5 trillion.
Masan Resources posted net revenues of VND3.2 billion, up 26.6 per cent, thanks to higher tungsten prices and improved operational efficiencies.
Techcombank’s pre-tax profit grew by 90.1 per cent to VND5.2 trillion. After listing on HoSE last month the bank has been able to increase its equity to VND47.4 trillion, the highest of any private bank in Viet Nam.
At its annual general meeting in April, the group forecast revenues VND45.15-47 trillion this year, more than 20 per cent higher than last year.
The net profit is expected to increase by 55-85 per cent to VND3.4-4 trillion.
